“You can’t be successful in business without taking risks. It’s really that simple.”
–Adena Friedman, President and CEO of Nasdaq
Taking risks is necessary in business; however, you don’t want to be the one who jumps into anything or the one who lags behind and misses an opportunity. Hopefully, after thinking this through with me, you’ll be able to find your sweet spot – being both confident and completely aware as you make a risky decision. If you have any questions, after reading this, I’m always here to coach and support you!
First of all, there are three types of risk-takers: jumpers, ruminators and sweet spot riskers. Jumpers don’t exercise due diligence. Jumpers are unrealistic about the circumstances, their resources and possibly time management. Jumpers might be unrealistic about the potential revenue, haven’t thought about how time consuming something is and generally have blinders on.
For example, I had a client who was starting a business. She chose to spend an excessive amount of money for website, rent office space hired an expensive staff member. She has been working overtime just to cover her expenses and has not been able to turn a profit.
Ruminators tend to go over and over information, stalling and failing to make a decision. Ruminators are driven by fear. The numbers make sense, yet they do more research and more research.
Sweet spot riskers – that’s where you want to land by finding balance between facilitating the necessary due diligence and moving forward because the facts present themselves. You have what you need to make a clear, reasoned and thoughtful decision.
When you have an opportunity that requires risk and are trying to follow a process that will help you find the correct level of risk, think QCAT as the acronym to find your sweet spot.
Q for Quick – be quick but not hasty and set a timeline for decision making
C for Committed – be committed, but not rigid, and if new data presents itself that suggests a change of direction, be ready to change
A for Analytical – be analytical, but do not over analyze and use data to push through fear
T for Thoughtful – be thoughtful, but not obsessive
Personally, I tend to be more of a ruminator. When I first started my own business; however, I was a “jumper.” So I’ve experienced the extremes and have used these exact same techniques over the years to find my own sweet spot for risk-taking.
If you would like to walk through these steps with someone who has been there and are eager to make a greater impact in your career, it would be my honor to be part of that process with you. Please give me a call at 513-561-4288 or connect with me via email at firstname.lastname@example.org, so we can empower you to achieve that goal.